OCBC Islamic Monthly Savings Account

OCBC Islamic Monthly Savings Account

In today's Singapore Savings Account Rates post, we bring you Singapore's OCBC Islamic Monthly Savings Account - the OCBC Al-Wadi'ah Monthly Savings Account.

OCBC Al-Wadi'ah Islamic Monthly Savings Account (Singapore) is syariah-compliant. For the Haj, marriage, or for your child's education, Al-Wadi'ah Monthly Savings Account helps achieve savings goals while protecting beliefs.

OCBC Islamic Monthly Savings Account (Singapore) helps you save a fixed amount every month for 24 months using the Shariah concept of Al-Wadi'ah Yad Dhamanah (Guaranteed Safe Custody) and the potential to earn Hibah which is 4 times higher than usual savings or current account rates.

Benefits of OCBC Islamic Monthly Savings Account:
- Potential to earn 4x higher hibah than a usual savings or current account
- Receive the full principal sum plus potential hibah in case of early withdrawal
- 24 months savings period
- Fixed monthly savings amount of as low as S$100 (S$50 via mail-in application)
- No monthly account fees

Eligibility for OCBC Islamic Monthly Savings Account:
- Individuals aged 5 years old and above
- For individual less than 18 years old, a trust account will be opened with parent(s)/guardian(s) who must be at least 21 years old
- Minimum monthly savings of S$100 (S$50 via mail-in application) and in incremental multiples of S$10, and maximum is S$5,000

Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best Singapore savings account rates.

The Team
Singapore Savings Account Rates

Exit Strategy for Full Deposit Guarantee

Exit Strategy for Full Deposit Guarantee

In a joint press release issued by the Monetary Authority of Singapore (MAS) on 22 July 2009 on the MAS site, it was announced that a Tripartite Working Group was formed by the monetary authorities of Singapore, Hong Kong and Malaysia to look into the exit strategy for full deposit guarantee by the end of 2010.

Here are the announcement details on the exit strategy for full deposit guarantee:

"Joint Press Release by the Hong Kong Monetary Authority, Bank Negara Malaysia and the Monetary Authority of Singapore

Tripartite Working Group on Exit Strategy for the Full Deposit Guarantee

22 July 2009

Taking the opportunity of the 14th EMEAP* Governors’ Meeting being held in Hong Kong, the Hong Kong Monetary Authority, Bank Negara Malaysia and the Monetary Authority of Singapore announced today (Wednesday) the establishment of a tripartite working group to map out a coordinated strategy for the scheduled exit from the full deposit guarantee by the end of 2010 in their respective jurisdictions."

***

* EMEAP, the Executives' Meeting of East Asia-Pacific Central Banks, is a cooperative organisation of central banks and monetary authorities in the East Asia and Pacific region.

It comprises the Reserve Bank of Australia, People’s Bank of China, Hong Kong Monetary Authority, Bank Indonesia, Bank of Japan, The Bank of Korea, Bank Negara Malaysia, Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and Bank of Thailand.

(Source: Monetary Authority of Singapore)

So what does the statement on exit strategy for full deposit guarantee mean to ordinary bank savers and deposit account users like you?

For us, it means the Government guarantee on unlimited and full savings deposits in Singapore will very likely be withdrawn come end of December 2010.

The only question that remains to be answered is the quantum of savings deposits to be guaranteed. Before the financial crisis, the bank guarantee for savings deposits was up to S$20,000. MAS had earlier mentioned that discussions were on-going to look into raising the amount of deposit guarantee.   

In your personal finance portfolio management, you should take this 'Exit Strategy for the Full Deposit Guarantee' into consideration when using savings accounts, fixed deposits and other similar products.